Local investor purchases entire downtown block in Bangor

Local Investor Buys Bangor City Block

BANGOR, Maine (NEWS CENTER) -- A block of buildings in Downtown Bangor that have been vacant for well over a decade could soon be put back to good use.

It was announced Wednesday that the entire 53,000-square-foot Exchange Street block was purchased by a local investor, ANM Properties.

“You're seeing sort of the definition of 'downtown' to further expand and become more vibrant and it's great,” Mayor Sean Faircloth said.

The six-building block initially hit the market back in July with the list price of $1.95 million. However, the final selling pricing and terms of the sale were not disclosed Wednesday.

The buyer and CEO of ANM Properties, Adam Moskovitz, said in a statement:

"We live here and work here, so the vibrancy of Downtown Bangor is very apparent to us. We saw the sale of these buildings as a unique opportunity to continue the growth of activity in Downtown Bangor, and we're anxious to help make that happen."

City officials said it is another positive sign of the revitalization in downtown.

“The City is thrilled to see that a local developer is making such a significant investment in an important and historic building downtown,” Bangor’s Economic and Development Director Tanya Emery said.

Faircloth pointed to the rise of other new local businesses as a model of what the now vacant storefronts could soon become.

"Back in the mid-20th century this was a place of great vibrancy and downtown feel, and this really provides great possibility for this section of the city,” Faircloth said.

The company is not yet saying exactly what they have planned for the future of the building.

“We’re excited to see the redevelopment plans as they continue to progress, and look forward to working with this developer who already has a reputation for very high quality projects within the City of Bangor,” Emery said.

Copyright 2016 WLBZ


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